East Atlanta Real Estate Report - Summer 2011

East Atlanta Real Estate Report - Summer 2011

If you watch the news then you probably have a pretty grim view of the Real Estate market in Atlanta, across the Georgia and for most of the US. While some of the numbers may seem bad, there are a lot of reasons why you should ignore them and invest in Real Estate. More on that after we look at some stats.

Dekalb County Real Estate First Quarter 2011

Average sales price: $159,817

Number of homes sold: 1,049

RealtyTrac has released its Midyear 2011 Foreclosure Market Report and there are quite a few properties facing foreclosure this year. More specifically, a total of 1,170,402 U.S. properties received foreclosure filings from January to June. The numbers for Metro Atlanta are:

1. Fulton – 10,540
2. Gwinnett – 7,803
3. DeKalb – 7,046
4. Cobb – 5,134

While this may be seen as bad news, the silver lining is that this is a 25 percent decrease from the previous six months and a 29 percent decrease over the same time frame in 2010. 

Now that we have gotten the numbers out of the way let's pump some SUNSHINE!

Housing Affordability

Nationwide housing affordability during the second quarter of 2011 hovered near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data.

Homes are more affordable then they have been in 20 years!

There's no other way to put it, Housing Affordability is outstanding! It is cheaper to buy then to rent. The best values clearly come in the foreclosure market. Foreclosures typically sell at a 20-30% discount when compared to traditional sales. 

With foreclosures clearly presenting the best value there's one segment of the East Atlanta foreclosure market that ups the ante, fixer-uppers. Homes in bad shape, that have been vandalized or are simply outdated are often not eligible for traditional FHA or Conventional mortgage loans.

If they are not eligible for traditional mortgage loans then how the heck do you finance them?

Easy! FHA 203K, HomePath & HomeStyle RENOVATION loans allow you to purchase distressed property and finance the renovations as part of the mortgage. Current condition of the property is NOT an issue. 

Not only does renovation financing open up your property search, it benefits our East Atlanta neighborhoods as well.

Taking foreclosed properties off the market, renovating them and adding new homeowners helps the ENTIRE neighborhood!

Don't just take it from me, Atlanta Development Authority believes in the value of 203K renovation mortgages as well. So much so they have set aside special down payment assistance to potential home-buyers looking to purchase and renovate a foreclosure.

East Atlanta has some of the best neighborhoods anywhere.  We want you as neighbors. Learn your mortgage and real estate options and join our community!